Clearance sought for the merger of NPD and Gull
The Commerce Commission has received a clearance application from Astra Energy Group Limited to acquire all of the shares in GNZ Holdco Limited (including its subsidiaries, Gull) and all of the shares in NPD Group Investments Limited (including its subsidiaries, NPD).
NPD and Gull are both independent low-cost operators supplying fuel in New Zealand predominantly, but not exclusively, via unstaffed sites.
NPD is a retail-only operator supplying fuel from sites predominantly in the South Island (with a smaller number of sites in the North Island). Gull is a fuel importer and retailer supplying fuel from sites predominantly in the North Island (with a smaller number of sites in the South Island). Gull also owns and operates a bulk import and storage terminal at Mount Maunganui.
The Commerce Commission has today published a statement of preliminary issues in relation to the application. The statement outlines the key competition issues that the Commission considers important in deciding whether to grant clearance to the proposed acquisition.
The Commission invites interested parties to provide comments on the likely competitive effects of the proposed acquisition. Submissions can be sent by email to registrar@comcom.govt.nz with the reference “NPD/Gull” in the subject line. Any submissions should be received by close of business on 3 February 2026.
The Commission is currently scheduled to make a decision on the application by 16 March 2026. However, this date may be extended with the agreement of the applicants if the material before the Commission at that time does not allow it to be satisfied that the proposed acquisition will not have, or would not be likely to have, the effect of substantially lessening competition in a market in New Zealand.
Background
We will only give clearance to a proposed merger if we are satisfied that the merger is unlikely to have the effect of substantially lessening competition in a market.
Further information explaining how the Commission assesses a merger application is available.